KeyCorp posts Q1 profit growth on strong lending activity
KeyCorp posted a first-quarter profit of $486 million as lending and dealmaking grew. Net interest income rose 11.3% following recent Federal Reserve rate cuts.
KeyCorp reported a rise in its first-quarter profit on Thursday, driven by robust lending and a resurgence in dealmaking activity. The United States lender, headquartered in Cleveland, Ohio, benefited from a favorable environment where demand for borrowing among consumers and businesses remained strong.
The bank's net interest income, which measures the difference between earnings on loans and interest paid on deposits, grew 11.3% to $1.23 billion for the quarter ending March 31. This growth was supported by lower deposit costs and higher yields on reinvested assets. Total loans for the institution increased by more than 3% to $107.7 billion, led by a 10.1% surge in commercial and industrial lending.
